Trust: ONLY avoid probate, DO NOT offer liability shield. Trust document are not open document. so your privacy is protected.
LLC: Provide liability shielf only if you operate that way. (i.e. if you do not follow operation agreement, you are very likely finding that LLC can be pierced). LLC filing is open doc from state office.
Depending on the state of filing, LLC does not need annual renewal or other maintenance. For example, Arizona LLC does not need annual renewal, no report, no ongoing fees, and other maintenances. However, if you are in CA, CA LLC has to pay $900 fee per year. So LLC is regulated in State level.
Tax filing:
1. single-member LLC is a passing-through entity in IRS eye. You just file like your personal return.
2. hu*****and-wife two member LLC is treated as partnerhsip in IRS's eye. You just file like partnership K-1 each year.
3. other mulitple member LLC: yeah... you need to file like corporation.
Of course, there are other issues that you need to do for being a "good" LLC. i.e. business account, operating agreement, minutes, annual meeting, recording these info...
So... you need insurance first, and enough insurance... then you can (if you have time or pay someone) to fill LLC and get a Trust... operating LLCs....
in the end, 生命在于折腾！
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